A platform for transactions and “paperwork” for UK home rentals…
Richard White, CEO/Co-Founder of Goodlord (the first digital system that pulls together the whole tenancy setup process) joins hosts Thomas Kutzman and Scott Pollack from the United Kingdom. Recorded in the MouthMedia Network studios powered by Sennheiser. Presented by Prevu. Special thanks to Tom Lambert of Global Founders Capital.
Overcoming industry fragmentation, whether the UK market is more receptive to innovation, and umbrella agencies vs. agents
White discusses taking on a great opportunity, and initiating what he believes can be a global movement, the nature of the rental market in the UK, the changing rental experience, what he saw as an estate agent, how in this day and age so much of the rental market is “super fragmented”, the continuing use of antiquated processes such as fax machines, questioning why the industry is not more modern, and his determination to do something about this. He reveals how he looked at discovery, how to find property, how manage it, but no one making transaction easy or tying it all together. He and his co-founder figured it was the right place to start, from signing, to exchange of cash, to due diligence. Why the UK may be more receptive of real estate tech than other markets. The Goodlord software platform, its segments including emerging (1-3 offices), then 3-13 offices, and 13+, and the division based on how big the agency is and how many transactions. White describes how in the UK there are more umbrella companies, not individual agents.
Building a new set of rules, creating ease and transparency, and finding a co-founder
Next, White reviews the goal, how Goodlord can’t sell product only to estate agents, how they need to take key stakeholders and establish an understanding of a new set of rules. Plus, the challenge of having to convince people that electronic signing was legal. The impact on the industry, driving things forward, and the effort to making people raise their game, making renting as easy and transparent as possible for everyone, going from 11-130+ people in the business, how scaling a business is difficult, finding his co-founder via serendipity from renting a house together, and the dynamics of friends vs. family as business partners.
Working with investors, selling the vision, and cryotherapy
How a large investment changes the dynamics of business operations and focus. Selling the vision, getting the MVP out the door, and dealing with potential investors. Personal questions cover struggles with school, learning problem solving, a surprising app on his phone, cryotherapy, football and cricket, Outward Bound, and white water canoeing. And, taking stock of assets, how a business owner is the biggest asset, and the importance of developing an arsenal of thing you know.